Citigroup, Inc. (NYSE:C)
Historical Stock Chart
5 Years : From May 2012 to May 2017
China National Petroleum Corp. completed its $1.15 billion, two-part sale to the U.S. debt markets Thursday.
The state-owned company offered investors 1.85 percentage points over Treasurys on a five-year tranche and 1.90 points over Treasurys on a 10-year tranche. The offered yields on both maturities dropped 0.20 point from original pricing guidance, indicating strong demand.
An investor familiar with the deal said underwriters received more than triple the needed amount to sell the bonds.
This is only the second CNPC deal ever in the U.S. markets, following a $1.85 billion deal in April 2011, according to Dealogic.
Citigroup Inc. (C) and ICBC International Holdings, a Hong Kong investment-banking subsidiary of Industrial & Commercial Bank of China Ltd. (IDCBY, 601398.SH, 601398.SH), were lead bookrunners on the transaction, with support from at least nine other banks.
The bonds are rated A1 by Moody's Investors Service and an equivalent A-plus by Standard & Poor's and Fitch Ratings.
S&P noted its rating reflects the "extremely high" likelihood that the government of China would provide timely and sufficient support in the event of financial distress.
CNPC is one of three wholly state-owned oil companies in China.
-By Patrick McGee, Dow Jones Newswires; 212-416-2382; firstname.lastname@example.org